MCA Slaps penalty of Rs. 5.81 Lakhs on Non-Filing of Balance Sheet and Annual Return on ROC

The Ministry of Corporate Affairs (MCA) in the matter of M/ s. Sagar Green Gold Plantation Group Private Limited has imposed penalty of Rs. 5.81 Lakhs on Non-Filing of Balance Sheet and Annual Return on ROC.

Company Sagar Green Gold Plantation Group Private Limited (CIN-U01122MP1995PTC009239) [herein after known as company] is a registered company with this office under the provisions of Companies Act, 2013 having its registered office situated at Vijay Talkies Road, Moti Nagar, Ward Sagar -470002, M.P. as per the MCA website.

Fact About the Case:

As per information available on MCA 21 data base the company has not filed its financial statement under Companies Act from the financial year 2002-03 to 2017-18 ( for which adjudication of penalty not applicable and may be covered under compounding or fine) and 2018-19 to till date and it is the non-compliance of provisions of Section of the Companies Act, 2013. Thus, it appears that the company has violated the provisions of Section 137(1) of the Companies Act, 2013 which attracted penal provisions u/s. 137(3) of the Companies Act, 2013 for the year ended from the financial year 2018-19 to till date.

Thereafter, “Notices of Inquiry” vide No. ROC-G/Adj. Pen. /U/s. 137(1)/Sagar Green Gold/2204 to 2206 dated 11.10.2023 were issued to the company and its officers in default. As per [Rule 3(3), companies (Adjudication of Penalties) Rules, 2014 and the date of hearing was fixed on 18.10.2023 at 11.30 A.M. in the office of Registrar of Companies, Madhya Pradesh, Sanjay Complex, A-Block, 3rd Floor, Jayendraganj, Gwalior.

Order:

Having considered the facts and circumstances of the case and after taking into account the factors above and letter dated 21.08.2023 and 18.10.2023 issued by ROC, Gwalior were duly received by the office of the company, it is concluded that the company and its officers in default are liable for penalty as prescribed under Section 137(3) of the Act for default is made in complying with the requirements of Section 137(1) of the Act of the company viz. Sagar Green Gold Plantation Group Private Limited for financial year 2018-19 to till date, in terms of Section 137(1) of the Act.

Accordingly, a penalty of Rs. 5.81 Lakhs was imposed as prescribed under Sub­section 3 of section 137 of the Companies Act, 2013.

That penalty is commensurate with the aforesaid failure committed by the notice and penalty so imposed upon the officers-in-default shall be paid from their personal sources/income. It is further directed that penalty imposed shall be paid through the Ministry of corporate Affairs portal only as mentioned under Rule 3(14) of Company (Adjudication of Penalties) (Amendment) Rules, 2019 under intimation to this office for the financial year 2018-19 to 2021-22.

The penalty amount shall be remitted by the company through MCA21 portal within 60 days from the date of order. The company needs to file INC-28 as per the provisions of the act attaching the copy of adjudication order alongwith payment challans.

The company may approach to compounding for the period not covered under this order.

Any person aggrieved by the order of adjudicating authority under Section 3 of Section 454 may prefer an appeal to the Regional Director having jurisdiction in the matter.

As per Section 454(8) (i) where a company fails to comply with the order made under sub-section (3) or sub-section (7) as the case may be within a period of 90 days from the date of receipt of the copy of the copy of the order, the company shall be punishable with fine which shall not be less than twenty five thousand but which may extend to five lakh rupees.

For Official Order Download PDF Given Below: